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German August Trade Surplus Contracts

Germany's trade surplus fell in August when imports grew faster than exports, official data showed on Monday. The German trade surplus amounted to 11.6 billion euros ($14 billion) in August, down from 14.5 billion euros in July, the federal statistics office, Destatis, calculated in preliminary figures. On a 12-month basis, however, the August trade surplus was up slightly compared with the same month last year when it amounted to 11.0 billion euros. The statisticians calculated that Germany, the biggest euro-zone economy, exported goods worth 63.4 billion euros in August. That represented an increase of 3.5 percent in calendar and seasonally adjusted terms from the figure for July. But imports grew faster, rising by 6.0 percent to 51.9 billion euros, the statisticians said. Taking into account trade in services and income, Germany's current account showed a surplus of 2.5 billion euros in August, down from 7.6 billion euros in July, and also down slightly from 2.8 billion euros in August 2004.